According
to TechSci Research report, “India Commercial Vehicles MarketBy Vehicle Type, Competition Forecast
& Opportunities, 2023”, commercial
vehicles market in India is anticipated to reach $ 21.9 billion by FY 2023. Growth
in the market is anticipated on account of expanding infrastructure sector,
growing manufacturing industry, booming e-retail sector coupled with fast developing
logistics sector. Moreover, favorable government initiatives aimed at development
of strong and sustainable infrastructure across various sectors is further
expected to fuel demand for commercial vehicles in India over the course of
next five years.

On the basis of gross vehicle weight, the commercial vehicles market is
broadly segmented into light commercial vehicles (LCVs), medium commercial
vehicles (MCVs), and heavy commercial vehicles (HCVs). Light commercial vehicles
(LCVs) segment has maintained its dominant position in India commercial vehicles
market, grabbing a share of over 57% in FY2017, which is expected to further
increase in the coming years. The dominance of LCVs can be attributed to a wide
range of products in this segment, growing logistics sector, increasing economic
activity coupled with rapid infrastructure development in India.

Among
regions, western region is the largest commercial vehicles market with around
one-third of the market share in FY2017. Western region is anticipated to continue
its dominance during forecast period as well owing to increasing infrastructure
development in the region. However, southern region is also giving stiff competition
and is expected to witness increasing sales of commercial vehicles in the
coming years. Moreover, increasing commercial activities, expanding e-retail
sector and expanding manufacturing sector is expected to drive demand for
commercial vehicles in other regions as well over the next five years.

“Increasing
number of easy financing options, swift growth in infrastructure sector in
India, coupled with a wide range of commercial vehicles available in the market,
is anticipated to propel India commercial vehicles market during the forecast
period. Moreover, intense competition due to competitive pricing strategy will further
drive demand for commercial vehicles in the country in short to medium term.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.

“India
Commercial Vehicles Market By Vehicle Type, Competition Forecast
& Opportunities, 2023”
has evaluated the future growth potential of commercial vehicles market in
India, and provides statistics and information on market sizes, shares and
trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges emerging in the India
commercial vehicles market.

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